The blog for the Fundamentals of Marketing & Advertising course

Marketing Research Overview

Posted in General resources & presentations, Research by Jennifer McDowell on February 21, 2010

Why do marketing research?

To be successful, products and marketing programs must meet the wants and needs of potential customers. So marketing research reduces risk by providing the vital information to help marketing managers understand those wants and needs and translate them into actions (the marketing program).

What are the four steps of the marketing research process?

  1. Step 1 – Define the problem.
  2. Step 2 – Developing the research plan. This involves identifying data needed and determining how to collect the data.
  3. Step 3 – Collect the relevant information. This includes considering pertinent secondary and primary data.
  4. Step 4 – Analyze the data and make recommendations.

What are the five common types of problems on questionnaires?

Leading questions, ambiguous question, unanswerable question, two questions in one, non-mutually exclusive answers.

Describe three approaches to developing a sales forecast for a company.

One approach uses subjective judgments of the decision maker, such as direct or lost-horse forecasts. Surveys of knowledgeable groups is a second method. It involves obtaining information such as the intentions of potential buyers or estimates of the salesforce. Statistical methods involving extending a pattern observed in past data into the future is a third example. The best-known statistical method is linear trend extrapolation.

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